Data requested now includes additional financial crime questions applicable to all supervised businesses, and new conduct questions applicable to regulated businesses.
There are new workbooks, applicable to trust company businesses (TCBs), requesting data on legal persons and arrangements which these businesses provide services to.
NPOs
JER JFSC will also be issuing data requests to all non-profit organisations (NPOs).
The method for collecting the data will vary depending on the type of NPO.
For regulated NPOs (NPOs administered by TCBs) the data collection workbook for these entities will be sent to the TCB service provider on the JER JFSC's records.
The TCB will complete one data collection workbook with details of each of the NPOs it provides services to within one workbook; this is available via the myJFSC portal.
For NPOs that are not serviced via a TCB the JER JFSC acknowledge that a large proportion of this NPO population are limited in their ability to use the myJFSC portal.
For this reason, an online survey will be circulated via email to this population.
This is the same process followed for the 2021 NPO data collection.
Guidance
JER JFSC has also issued the following guidance to help businesses submit their data.
No guidance has been issued in relation to casinos and prepaid cards; guidance on legal persons and arrangements is due to be issued at a later date.
Due to technical issues, the launch of workbooks for collective investment funds (CIF) and legal persons and arrangements (LPA) is be delayed until the second week of Feb.
Effectiveness
Supervised businesses must provide JFSC with their data by 11.59pm, May 31, 2024.
Businesses should submit data by populating/uploading Excel workbooks via myJFSC.
Feb. 2024 TCB Administered Trusts and Companies
On Feb. 19, 2024, JER JFSC issued Guidance to Section II, risk based supervision data.
JER JFSC updated guidance for TCB administered Jersey companies 2023 (PDF),and guidance for TCB administered Non-Jersey Incorporated Companies 2023 (PDF).
In addition, JER JFSC issued guidance for TCB administered Trusts 2023 (PDF).
For each guidance note set out, the reporting period is the calendar year 2023.
Data should be provided as at the end of the reporting period, Dec. 31, 2023 or closest business day, and failure to respond to an applicable question will not be accepted.
Reporting Entities under each guidance note, are defined under Financial Services (Jersey) Law 1998 (FS(J)L), as Dec. 31, 2023, and must submit by deadline specified.
